Al Baraka Bank Pakistan declares pre-tax profit of Rs 505 million
KARACHI: Al Baraka Bank Pakistan Limited (ABPL) has not only pioneered in Islamic banking in Pakistan dating back two decades, but has also shown tremendous progress in the current economic mayhem, which is evident from the results for the period ended’ September 2011.
The first year has been highly flourishing for Al Baraka, as the bank has witnessed a sea change in terms of burgeoning growth. The assets have increased by 31 percent from Rs 52.5 billion at the time of merger more than Rs 68 billion as of September 2011.
The deposit base of the bank also grew by more than 41 percent and crossed Rs 58 billion. Financing and investments of the bank showed an encouraging increase of 41 percent to Rs 46.18 billion in September 2011.
The total income from banking business has shown a commendable increase of 247 percent to Rs 5.4 billion in September 2011 and a pre-tax profit of Rs 505 million against a loss of Rs 1.37 billion as of merger date.
ABPL branch network has increased to 89 branches spread over 37 cities and plans to strengthen the same further.
Member of the Board of Directors and Chief Executive of the Bank Shafqaat Ahmed accentuating the financial soundness of the entity said, “These results depict our determination to continue investing our substantial financial resources and expertise in maximising the returns to our shareholders and the investors.”
ABPL is a part of Al Baraka Banking Group (ABG), the leading international Islamic banking group in the gulf region.
The group has a wide geographical presence in the form of subsidiary units and representative offices spanning from Europe to MENA and Asia, with a network exceeding 400 branches in 13 countries.